Philadelphia, Pennsylvania Bank Gives SBA Loan to Eating Places Company

Find Philadelphia, Pennsylvania banks that specialize in SBA loans and know how to work with entrepreneurs. Royal Asian Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Philadelphia, Pennsylvania starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from Royal Asian Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
PHILADELPHIA, PA 19143

SBA Loan Lender

ROYAL ASIAN BANK
6526 CASTOR AVE
PHILADELPHIA, PA 19149

This lender issued this bank loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

445299 - Specialty Food Stores

Loan Approval Date

11/13/2006

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

How Much Venture Capital Is There?

Best Banks in Philadelphia, Pennsylvania

Getting an SBA Loan in Pennsylvania